A number of big Russian banks are already using the equivalent of SWIFT created by the Central Bank, the regulator’s Deputy Chairman Olga Skorobogatova said at Finnopolis 2015 conference on Friday.
"Some big banks are already signing bilateral agreements and using the system [alternative to SWIFT - TASS]," she said.Russia & India Report
Simultaneously with Russia, China is also launching with own system of banking transaction system. Earlier Russian Deputy Finance Minister Alexey Moiseyev said creation of an equivalent to SWIFT within BRICS could become the next step of creating behind-the-border systems of banking info exchange.
Several big Russian banks already use SWIFT equivalent — banking official
TASS
5 comments:
Citibank will probably become an important gateway for US customers between the SWIFT system, CIPS (Chinese International Payments System) and the new Russian system, I'm sure the major UK and German banks will participate as they already do tons more business with Russia than US banks.
European oil companies are extending Gazprom’s Nordstream gas pipeline into Germany. It was obvious this would happen, "isolate yourself into scarcity" strategy may work for USA but is not sustainable for the EU. Is good that they keep a separate payment system for resilience though.
The Breton Woods status quo needs unraveling; deeper integration in the Euro-Asia region is unavoidable (regardless of what the hawks from the Washington Deep State want).
The really is that Washington is either going to have to share power or go to war to try to maintain it. With the people currently in charge the latter is likely.
Oh, and here I thought you were giving us investment ideas, Tom.
But I am, implicitly, which should be obvious from the many related posts over some time now.
Buy the global military-industrial complex. There is a new arms race in progress, and everybody is arming up. Huge amounts are being allocated to R&D, too, since this is a high tech race on one hand and a swarming race on the other, which also means developing defense against swarming. Also consider buying down the related value chain. :)
At least if the world implodes or your country sustains a devastating attack, you'll go out wealthy.
Is there anywhere to hide out anymore?
Post a Comment